Commercial Observer Talks Sublet Space with Colliers Research Team
New reports show record levels of available square footage as companies shed space and hold back amid COVID uncertainty.
"Colliers International released its latest report on the entire D.C. region, which also shows a major jump in sublet availability. The report, which unlike Savills’ market analysis includes Northern Virginia and parts of Maryland, showed the third quarter had an 18.3 percent increase in sublet availability, adding 1.25 million square feet to the market.
In September alone, 638,196 square feet came to the market, marking an 8.6 percent increase in available sublet space from the previous month.
“The third quarter saw the most dramatic increase in sublet availability as tenants started to make decisions on their existing space,” Miles Rodnan, senior research analyst for Colliers International, told CO. “Over the past few months, sublet space has been increasing in the D.C. metro region largely from the effects of COVID-19.” "
-Commercial Observer
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